- Our Party
Washington Times: Stimulus isn't working
Posted on Jun 10, 2009
From the Tuesday Washington Times editorial, which clearly states what Libertarians have said since Obama revealed the details of his government spending explosion -- his "stimulus" won't create jobs, it will only destroy them and delay our eventual recovery.
You may read the entire editorial by clicking here:
The Obama administration was out in full force defending the stimulus this weekend. The mantra is that the economy is getting better but Americans need to be patient to see progress. The problem is that, so far, there hasn't been any economic progress.
White House economic adviser Austan Goolsbee promised on "Fox News Sunday": "It's going to take more than a few months to turn it around." That contradicts White House economic adviser Lawrence H. Summers' promise in January that the economy would start improving "within weeks" so long as the president's $787 billion stimulus was passed.
The stimulus actually has dampened economic projections. In January, before the stimulus was passed, 53 business economists and forecasters surveyed by the Wall Street Journal expected gross domestic product (GDP) for the third quarter (July through September) to rise by 1.2 percent at an annual rate. Predictions became gloomier after the stimulus passed in March. In May, these experts forecast only a 0.6 growth rate for the third quarter...
...The Obama administration is trying to rewrite history even as it is being made. The stimulus appears only to have delayed the recovery that economists were expecting before it was passed.